Presidential Debate Could Provide Clarity on Cryptocurrency Regulation
Moe Vela, a former senior advisor to President Joe Biden, has shared his insights on the potential impact of cryptocurrencies in the upcoming presidential debate.
The clash between the current President Joe Biden and former President Donald Trump is anticipated to be a highly watched event this year. For enthusiasts of digital currencies, this debate arrives at a moment when virtual assets such as Bitcoin (BTC) and Ethereum (ETH) are at the forefront of discussions in Washington.
Aside from the approval of BTC ETFs, the expected green light for ETH ETFs, and legislative initiatives like FIT 21, reports from Grayscale Investments and The Harris Poll have revealed that “almost half of probable American voters envision incorporating cryptocurrencies into their future investment portfolios.”
The question on everyone’s mind is whether cryptocurrencies will be a topic of discussion during the debate.
In an interview with crypto.news, Moe Vela, a senior advisor at Unicoin, mentioned that the moderators might not pose questions related to cryptocurrencies. However, he anticipates that at least one of the candidates will touch upon the subject of cryptocurrencies in some capacity.
Previously, Trump suggested that Bitcoin mining could serve as a countermeasure to proposed central bank digital currencies (CBDCs). Trump advocated for all Bitcoin mining activities to be conducted within the United States and has positioned himself as the “crypto president.”
Despite Trump’s apparent rebranding as pro-crypto, the former U.S. President has expressed doubts in the past. In 2021, Trump labeled Bitcoin as a fraudulent scheme that impacted the value of the U.S. dollar.
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Vela hinted that Trump’s sudden change in stance on cryptocurrencies could be mere “political rhetoric.” Nonetheless, the former White House advisor emphasized that “both candidates and their campaigns MUST soon clarify the type of regulatory framework they intend to establish and uphold.”
Under Biden’s leadership, government bodies such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have intensified their scrutiny over cryptocurrencies to shield investors from risky ventures.
According to Vela, “regulators and governmental bodies often tend to be excessively vigilant in their supervisory roles,” and “regulators who refuse to acknowledge and utilize regulations to impede, dissuade, dismantle, or obliterate a sector pose a significant threat.”
Following criticisms from proponents within the industry regarding the legal approach to overseeing digital assets,
Biden’s administration
has issued an Executive Order (EO) mandating a comprehensive governmental strategy towards cryptocurrency policies.
Carole House, one of the minds behind President Joe Biden’s EO, has recently rejoined the White House in advance of the elections. Vela interprets this move as a sign that the current administration acknowledges the essential role of cryptocurrencies in America’s future.
Regardless of the scenario, as cryptocurrencies continue to integrate into American society, Vela stressed the importance for leaders to strike a balance between supporting the sector and safeguarding consumers to foster innovation and investor autonomy.
For further insights, you may want to explore: Has Biden truly altered his stance on cryptocurrencies?
